May 23, 2022

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The UK is also joining the cryptocurrency market

The UK is also joining the cryptocurrency market

The UK has shared its plans to mint its non-fungible token (NFT) which would reflect a “forward-looking approach” to crypto assets. The information was confirmed by Finance Minister Rishi Sunak, who ordered the Royal Mint to issue an NFT sometime this summer.

In this way, the change announced by the government will be implemented by the official body responsible for printing state funds. In any case, it has been ruled out that the authorities intend to replace the pound sterling as an official currency and replace it with a digital asset.

Advisor Tweet embed Asked Tweet embed To create the NFT will be released by the summer.

This decision demonstrates the forward-looking approach we are determined to take towards crypto assets in the UK.

And the[مدش]. Hm Treasury (@hmtreasury) April 4, 2022

John Glenn, the Treasury’s economic secretary, said he had asked a working group to look into the “legal status of DAOs,” noting that his government was taking the issue very seriously. Getting into business Cryptocurrency.

There is still no clarity on the official announcement. On the other hand, it is believed that a cryptocurrency project for a treasury could be a kind of pool item that crypto enthusiasts would like to have, or it would simply be a single NFT stored in a hardware wallet.

John Glenn’s announcement comes as part of the Global Financial Innovation Summit, and reveals the Chancellor of the Exchequer’s attempts to make the UK an “innovation-friendly jurisdiction” in terms of cryptocurrency development.

“Today I am announcing that Chancellor has asked the Royal Mint to create a non-fungible token, NFT… that will be released before the summer, an emblem of the forward-thinking approach we are determined to take…More details will be available very soon.”

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